$1.35 Billion In Losses Reported By Nevada's Major Casinos | WAMU 88.5 - American University Radio

NPR : News

Filed Under:

$1.35 Billion In Losses Reported By Nevada's Major Casinos

Nevada's big casinos are on a losing streak. For the fifth straight year, the state's largest casinos are reporting net losses – in this case, a total of $1.35 billion in the most recent fiscal year. That's the news from a report released by the Nevada Gaming Control Board Friday, which focuses on casinos that gross at least $1 million in gaming revenue.

The most recent data showed 263 such casinos in the state, generating gaming revenue of $10.4 billion (up 1.1 percent) and total revenue of $23 billion.

As a group, the large casinos have not reported a profit since 2008, The Las Vegas Sun reports, citing a state official. We'll note that according to the Gaming Board, the casinos' fiscal year ends on June 30. So, the newly released numbers reflect data up to last summer.

"Statewide, slot machines accounted for 64.9 percent of the gaming win of $10.3 billion. Table games produced 31.7 percent of gaming revenues," The Sun reports. "Casinos on the Las Vegas Strip produced $15.5 billion in total revenues, with 37 percent coming from gaming. The net loss on the Strip was $1.4 billion, or 13 percent less than 2012."

Gambling accounted for 45.1 percent of total revenues, with the remainder coming from hotel rooms (20.8 percent), food (15 percent), drinks (7.2 percent), and other attractions.

The major casinos paid $804 million in state taxes and fees, equal to 7.7 percent of their gaming revenues, the board says.

Copyright 2014 NPR. To see more, visit http://www.npr.org/.

NPR

'Getting On' Star Niecy Nash: 'I Never Wanted To Be Funny'

Nash says it took her a long time to see her comedic side as a gift, but she finally embraced it. Now her role as Nurse DiDi in the HBO comedy series has opened the door to more serious opportunities.
WAMU 88.5

Hops Coming Home: Loudoun County To Add Hop Production Facility

The first commercial-scale hop production and processing facility in the region is being planned out in Loudoun County, further adding to the region's burgeoning beer business.

NPR

Action On Immigration Meets Silence, Skepticism In Silicon Valley

As an organized sector, the tech industry did not applaud President Obama's executive action on immigration; and the future of the joint campaign for a comprehensive bill is unclear.
NPR

Action On Immigration Meets Silence, Skepticism In Silicon Valley

As an organized sector, the tech industry did not applaud President Obama's executive action on immigration; and the future of the joint campaign for a comprehensive bill is unclear.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.